...The Shocking Demise of Mr. Thorndike It was one of Morse’s most puzzling cases. That morning Rupert Thorndike, the autocratic CEO of Thorndike Oil, was found dead in a pool of blood on his bedroom floor. He had been shot through the head, but the door and windows were bolted on the inside and there was no sign of the murder weapon. Morse looked in vain for clues in Thorndike’s bedroom and office. He had to take another tack. He decided to investigate the financial circumstances surrounding Thorndike’s demise. The company’s capital structure was as follows: • 5% debentures: $250 million face value. The bonds mature in 10 years and offer a yield of 12%. • Stock: 30 million shares, which closed at $9 a share the day before the murder. • 10% subordinated convertible notes: The notes mature in one year and are convertible at any time at a conversion ratio of 110. The day before the murder these notes were priced at 5% more than their conversion value. Yesterday Thorndike had flatly rejected an offer by T. Spoone Dickens to buy all of the common stock for $10 a share. With Thorndike out of the way, it appeared that Dickens’s offer would be accepted, much to the profit of Thorndike Oil’s other shareholders. 57 Thorndike’s two nieces, Doris and Patsy, and his nephew John all had substantial investments in Thorndike Oil and had bitterly disagreed with Thorndike’s dismissal of Dickens’s offer. Their stakes are shown in the following table: 5% Debentures (Face Value)...
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...Unit Two Assignments Chapter Two Answers Q.38 Answer: The IRS can assess additional taxes, interest, and penalties at any time although it must prove fraud. The deliberate omission of $40,000 of gross income will generally constitute fraud (tax evasion) and in those circumstances there is no statute of limitations. If the IRS cannot prove fraud on Kevin’s part, then the statute of limitations would expire April 15, 2016. Q.42 Answer: The corporation will be able to pay interest on the debt s well as deduct the interest from its gross income. However if the corporation pays dividends on the stock, the dividends are not deductible by the corporation. Whether the payment is interest or dividends, the shareholder recognizes income for the amount received; however, dividend income is taxed at a lower rate. If the corporation retires a shareholder’s stock, it is possible that the amount received could also be treated as a dividend unless specific redemption requirements are met. Another consideration is that the corporation can repay the debt with no tax consequences at all to the shareholders. Q.59 Answer: According to section 1.183-2(c), Income Tax Regulations it is recognized that a taxpayer can be engaged in an activity for profit even when there is only the rare possibility of profit. Q.69 Answer: The AICPA Tax Executive Committee believed that it is appropriate to issue the standards that would become part of the Professional...
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...Below is an essay on "Pampanga Cement" from Anti Essays, your source for research papers, essays, and term paper examples. Polytechnic University of the Philippines Sta.Mesa, Manila City College of Business Administration Department of Marketing Management Case 1: Pampanga Cement Corporation Leader: Alibin, Herick Louis Members: Abrea, Krizel Jean Arcilla, Carl Angelo Bautista, Jose L. Jr. Cabalang, Renz Loi Submitted To: Prof. Paul Garcia Marketing Management BSBA-MM 4-1S DEFINE THE PROBLEM: Main Problem: Financial Problem * In our own understanding, we believe that the Pampanga Cement Corporation’s main difficulty is their current financial position. We came out of this idea because according to their case, almost all of their problems could be solved if they have substantial amount of cash, savings, or capital on-hand. And we believe that if this main problem is answered, the management would have a better working environment compared to their current problematic atmosphere. Sub-Problems: * Energy Crisis – the government is pushing cement corporations to change from using bunker fuel to coal which will require Pampanga Cement Corporation to upgrade/change their equipment for production, the conflict here is that they doesn’t have the needed amount of money or credit to avail this system upgrade for the current period due to some financial difficulties the company is facing. * Labor Union – Workers want to have a 10% increase to their wages but unfortunately...
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...Module 1 Introduction to CGA The business environment Company’s objectives: Achieving growing profits. Company stakeholders: P 1.04 Customers Suppliers Regulators Competitors Employees Government Interest Groups Owners Lenders Types of Company Company’s Characteristics: P 1.05 Separate legal entity Limited liability Perpetual succession Under Corporations Act 2001 “Upon registration, a company becomes a separate and distinct entity from its members / shareholders, directors and officers. A company can sue and be sued in its own name. The property of the company does not belong to its members, but to the company alone. A company exists in perpetuity until it is deregistered. Type A: Limited Liability Company Companies limited by Shares P 1.06 Characteristics: Most common type Liability is limited to the amount outstanding to the company when the share were issued; Any amount that is owed by the shareholder is available only to the liquidator upon the winding up of the company to pay the company’s creditors e.g. if a share issued at $1.00 is paid to only $0.25, the shareholder would owe the company...
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...It is fairly easy for a top executive to reduce the price of his/her company's stock – due to information asymmetry. The executive can accelerate accounting of expected expenses, delay accounting of expected revenue, engage in off balance sheet transactions to make the company's profitability appear temporarily poorer, or simply promote and report severely conservative (e.g. pessimistic) estimates of future earnings. Such seemingly adverse earnings news will be likely to (at least temporarily) reduce share price. (This is again due to information asymmetries since it is more common for top executives to do everything they can to window dress their company's earnings forecasts). There are typically very few legal risks to being 'too conservative' in one's accounting and earnings estimates. A reduced share price makes a company an easier takeover target. When the company gets bought out (or taken private) – at a dramatically lower price – the takeover artist gains a windfall from the former top executive's actions to surreptitiously reduce share price. This can represent tens of billions of dollars (questionably) transferred from previous shareholders to the takeover artist. The former top executive is then rewarded with a golden handshake for presiding over the firesale that can sometimes be in the hundreds of millions of dollars for one or two years of work. (This is nevertheless an excellent bargain for the takeover artist, who will tend to benefit from developing a reputation of...
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...Phase 5 Individual Project CTU Online Professor N. Combs MGM340-1204B-03 Vicky Robinson December 22, 2012 Introduction The two companies that I will be conducting my research on and presenting will be in the Fast Food Industry. The two companies are McDonalds and Burger King. Bothe companies are doing well and have shown considerable amounts of profit for the last five years. These companies are ranked No. 1 and No. 2 in the industry. Background Industry A McDonalds- The McDonalds Corporation is the world’s largest fast food chain in terms of sales. McDonalds is a restaurant that specializes in fast food such as; hamburgers, cheeseburgers, chicken, French fries, breakfast items, soft drinks, milkshakes and desserts. McDonalds currently has 31,489 restaurants in 118 countries, and about 80% are run by franchises or affiliates. McDonalds competition in the fast food industry are; Yum! Brands Inc. In order to compete with its rivals, the company focuses on “being better, not just bigger” by making their products more affordable. Background Industry B Burger King- Burger King is the second largest fast food restaurant in the world. Burger King is the original Home of the Whopper, and is committed to premium ingredients, signature recipes, and family-friendly dining experiences. Burger King’s menu consists of hamburgers, French fries, soft drinks, milkshakes and desserts. Burger King competes in the industry by revamping their stores, and increasing their advertisement...
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...FACULTY OF ECONOMICS AND BUSINESS EBA 4043 INTERGRATED CASE STUDY MALAYSIA AIRLINES CASE STUDY NO NAME STUDENT ID 1 ANGELINE JONG HO CHIN 35474 2 FONG SHU YIING 36085 3 SURESH A/L MINAIAH 38941 4 LEE YOKE LAN 39541 5 WAI POH YAN 39641 Malaysia Airlines INCOME STATEMENT ANALYSIS Income Statement Analysis (Cont’) Year/ Aspect 2008 2009 2010 2011 2012 Revenue Increase 2.38% Decrease 24.78% Increase 14% Increase 5.77% Decrease 2.69% Expenditure Increase 5.44% Decrease 19.71% Increase 9.19% Increase 21.57% Decrease 12.84% Net profit for the year Net profit (RM 245,697,000 ) Net profit (RM 493,106,000 ) Net profit Net loss (RM (RM 2.5 237,346,000 billion) ) Net loss (RM 430,738,000 ) Increase 39.09% Increase 63.74% Increase 47.57% Finance Increase cost-interest 29.61% expense Increase 15.19% BALANCE SHEET ANALYSIS • Balance sheet and cash flow – interrelated • cash flow explains inflow and outflow of cash which any changes in balance will affect cash flow • Operating Activities – changes in current assets and current liabilities • Investing Activities – changes in non current assets and other income • Financing Activities – changes in equity and liabilities BALANCE SHEET ANALYSIS There was no long term borrowings in year 2003 until 2006 because of most probably government take over it...
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...Member Profile DEPOSIT INSURANCE VIETNAM I. INTRODUCTION ABOUT THE DEPOSIT INSURANCE OF VIETNAM (DIV) D e posit I nsu r a n ce of Vie t n a m ( DIV), a St at e- owned Financial I nst it ut ion of Viet nam was est ablished on Novem ber 9t h 1999. DIV s funct ion is t o safeguard t he deposit ors legit im at e right s and int erest s, t o cont ribut e t o t he st abilit y of insured deposit I nst it ut ions and ensure t he safe and sound developm ent of t he banking indust ry. DIV is a non - profit organizat ion, operat ing under Governm ent s Degree, and is not governed by t he Law on Financial I nst it ut ions and t he Law on Insurance. DI V is one of t he regulat ors of t he banking and financial syst em . DI V is operat ing under Ordinance 89/CP and Amendment No. 109/CP. Head office of DIV located at 18 20F., Tower B, Vincom Cit y Tower, 191 Ba Trieu, Hanoi. CURRENT LEGAL FRAMEWORK Decree No. 89/ 1999/ N - CP of the Government Decision No. 218/ 1999/ Q TTg of the Prime Minister Decree No. 109/ 2005/ N - CP of the Government 01/09/1999 On deposit insurance 09/11/1999 On the establishment of DIV On the amendment, supplement of a number of provisions of t he Governm ent s Decree No.89 24/08/2005 II. MAJOR FUNCTIONS OF DIV 1. Issue Certificate of Deposit Insurance for financial institutions; 2. Collect deposit insurance prem ium s from insured I nst it ut ions ( fixed premium of 0.15% per annum); 3. Reimburse deposit ors wit h st ipulat ed m...
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...BARBARA K. CEGAVSKE Secretary of State 202 North Carson Street Carson City, Nevada 89701-4201 (775) 684-5708 Website: www.nvsos.gov Articles of Incorporation of(Name of Close Corporation)A Close Corporation(PURSUANT TO NRS CHAPTER 78A) | (Name of corporation MUST appear in the above heading) ABOVE SPACE IS FOR OFFICE USE ONLY USE BLACK INK ONLY - DO NOT HIGHLIGHT . Name of Close 1 Corporation: 2 . Registered Agent for Service of Process: (check only one box) Commercial Registered Agent: Noncommercial Registered Agent name and address below ) ( Name Office or Position with Entity ) name and address below ( Nevada eet Address Str City Zip Code Zip Code City ling Address (if different from street address) Mai Na me of Noncommercial Registered Agent OR Name of Title of Office or Other Position with Entity Nevada . Authorized 3 Stock: number of ( shares corporation is authorized to issue) N umber of sh ares with pa r value: Par valu e per shar e: $ Number of shares without par value: State eet Address Str City Zip Code Name 1) 2) State Street Address City Zip Code Name : . Purpose 6 (optional; see instructions) The purpose of the corporation shall be: State Address City Zip Code X Incorporator Signature Name X Authorized Signature of Registered Agent or On Behalf of Registered Agent Entity Date I hereby accept appointment as Registered Agent for the above named Entity. 8 Name...
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...C a s e St u d y CASE o' STUDY Sie m e n s Clicks with Click2procure in ce 1999 , Siemens has sp en t over $870 million buildi ng its e-procuremen t sys tem call ed Click2procure, us ing t echn olo gy provide d by Com merce On e and SAP, the Austrian m anufactur er of a wide ly adopte d ERP syste m . Click 2procure is one of the world's largest private b uy-side Net m arketplaces. Siemens is a German electri cal engin eering and electronics gia n t with approximately 475,000 em ployees in 190 countries and sal es of over 87 billion (euro) in fisca l 2006. This m ultinational co nglom erate is a leading m anufact urer of automati on a nd control systems, co m m unications, li ghting, m edical , se m i-co n du ctors, power, and tran spo rtation produ cts and services. Click2procure is u sed today b y 35, 000 Siemens em ployees, of wh ich 6,000 ar e in volved with strategic purch asing: Siemens purchases over 45 billion (e uro) a y ear in direct an d in dire ct goods. Curre n tly, Click2proc ure has ab out 9,00 0 registered su ppliers . Su ppliers can eithe r re gis te r free of charge for a "Basic Registration" or pay a sub scrip tion fee of 3,000 (eu ro ) a y ear for "Advan ced Bus iness Service," which entitles the supplier to additional marketing sup port, such as the co n tact informatio n News l1ndUpdat es: Welco me to c/lck2procure 's ne ..... software upgrade . This releas e indudes a more intuitive la yout and new features . Our online traini o has n also been upgrade...
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...Evaluation of Sony Corporation’s strategy Sony have successfully created an incredible brand name previously, however, its legend seem to be falling apart recently. In fact, Sony’s net profit for the July-September quarter for 2006 falling 94% to 1.7 billion Yen, compared to 28.5 billion Yen for the same period last year (Benson, 8th Nov 2006). The major reasons for the declining profit are affected by the critical strategic issues faced by Sony which became a main drawback for them. The first strategic issue faced by Sony was the inefficient manufacturing structures which decrease Sony’s quality that badly affects their reputation and caused a decline in product competitiveness. DeWit & Meyer (2004: p192) argue that “the essence of most uniquely Japanese management practice will be they productivity improvement, TQC (Total Quality Control) activities, QC (Quality Control) circles, or labour relation – can be reduced to one word: Kaizen”. They also argue that “the implication of TQC or CWQC (Company Wide Quality Control) in Japan have been that these concepts have helped Japanese Companies generate a process-oriented way of thinking and develop strategies that assure continuous improvement” (p192). However, in the case of Sony, they did not make any improvement or perform well in Kaizen or implement an efficient manufacturing structure that ensure high product quality which affect their product quality and caused a massive damage to the company. For example, there is the...
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...Evaluation of Sony Corporation’s strategy Sony have successfully created an incredible brand name previously, however, its legend seem to be falling apart recently. In fact, Sony’s net profit for the July-September quarter for 2006 falling 94% to 1.7 billion Yen, compared to 28.5 billion Yen for the same period last year (Benson, 8th Nov 2006). The major reasons for the declining profit are affected by the critical strategic issues faced by Sony which became a main drawback for them. The first strategic issue faced by Sony was the inefficient manufacturing structures which decrease Sony’s quality that badly affects their reputation and caused a decline in product competitiveness. DeWit & Meyer (2004: p192) argue that “the essence of most uniquely Japanese management practice will be they productivity improvement, TQC (Total Quality Control) activities, QC (Quality Control) circles, or labour relation – can be reduced to one word: Kaizen”. They also argue that “the implication of TQC or CWQC (Company Wide Quality Control) in Japan have been that these concepts have helped Japanese Companies generate a process-oriented way of thinking and develop strategies that assure continuous improvement” (p192). However, in the case of Sony, they did not make any improvement or perform well in Kaizen or implement an efficient manufacturing structure that ensure high product quality which affect their product quality and caused a massive damage to the company. For example, there is the...
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...Ins sights f from T Cla The arion In nstitut te Hori izon 1-2 2-3: A More C Compl lete Vie ew By B Jon Wheeler, Roy Maurer, a and the Par rtners of T The Clarion Group n Geoffrey Mo G oore, author of the boo Crossing r ok g the Chasm, recently wrote an article in the t w e Harvard Bu H usiness Review about a growth t h portfolio fra p amework cal lled Horizon 1-2-3 (H1n 2-3). The fra 2 amework, originally de o eveloped by y Mehrdad Ba M aghai, Step phen Coley, and David d White, esta W ablished a view that companies s that are su t uccessful in the long term have n e growth initi g iatives in th hree stages: Horizon 1, : , the mature slow growt businesses; Horizon t th n 2, 2 the emerging high growth businesses; and g d Horizon 3, t embryon ideas an pilots ofH the nic nd ten found in R&D. Moore asserts in the art n s ticle that h has obs t he served a t tendency of f companies, particularl technolo c ly ogy companies, to ta n ake promising H3 pr rojects and d launch them directly in H1 whe they ofl m nto ere ten are un t nsuccessful under the weight of f near-term fi n inancial pre essures and the need to o conform to the curren business model and c nt d organization norms. The Clarion Group has o nal T n s used the H u H1-2-3 framework with dozens of h f clients over the years, and we hav seen the c ve e phenomenon Moore describes o p n d occasionally. . However, using the H1-2-3 framework as a H H diagnostic, we have also seen ot d a ther trends s more freque m ently – tren...
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...Human Resource Management- Written Assignment Cristian Augustin Gazdac Department of Business School of Business and Humanities Institute of Technology, Blanchardstown Dublin 15. Word Limit for Assignment: 2000-3000 words Actual word count: 3170 Higher Certificate In Business Studies Human Resource Management 12/11/2013 Table of Contents Question 1: Mission statement and culture and the HR implications 2 Q2: CSR and HR's role in its implementation 5 Q3: Job analysis and job analysis techniques 7 Q4: Job description 9 Q5: HR in small versus large organisations 11 References: 12 Question 1: Mission statement and culture and the HR implications The organisation I am going to base my answer on, is Castleknock Golf Club where I am currently employed. Both the mission statement and the culture of an organisation are responsible for how the company runs, its success and existence. Mission statement The mission of an organisation is a statement of how it intends to fulfil its purpose. The main mission statement of Castleknock Golf Club is to provide an excellent dining environment while at the same time providing a high standard of customer service which customers would come to expect from such an establishment as Castleknock Golf Club. HR plays a vital role in an organisation, focusing on its mission statement and culture which are essential for its existence. Understanding the organisation's purpose , identifying strengths...
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...The Reaction of Corporate Human Resources Management to the Economic Crisis Finding the ways-out in HR KINGA ILONA BÁRDOSa - ERIKA VARGAb Dobó István Grammar School Széchenyi út 19, Eger 3300, Hungary cetebe@hotmail.com b Károly Róbert College Mátrai út 36, Gyöngyös 3200, Hungary evarga@karolyrobert.hu a T he cyclical movement of the economy is a natural process but, fortunately, a global economic crisis is a rare phenomenon. The credit crunch starting in September 2008 has grown into a global one primarily affecting car manufacturing and then it has its percussions in the whole economy-gradually reaching all the players. The crisis management in human resources implies layoffs, redundancies or shorter working hours and weeks. In many cases there were not wellthought corporate strategies for crisis management as managers as well as employees had to face a problem they had never experienced before. One of the corporate operative steps is to examine and realise how deeply the organisation itself is affected in the crisis. Our objective is to present what theoretical and practical solutions were or are invented besides the ones already mentioned. Keywords: crisis management, human resources management, atypical employment 1. About the crisis in general About a year ago the credit crunch became widespread primarily hitting the financial institutions worldwide and had its impacts felt in the motor industry reaching all players of the economic life. There were no companies...
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